Shareholder Centre

ASIC warns on cold-calling after scams

The corporate watchdog has wound up three Gold Coast-based scams that took about $1 million from investors, and reiterated warnings that cold-calling fraud is increasing.

The corporate watchdog has wound up three Gold Coast-based scams that took about $1 million from investors, and reiterated warnings that cold-calling fraud is increasing.

Secured Collateral, Diversified Collateral and Intra Management, and their sole directors were running unlicensed and fraudulent businesses between May and October last year, according to the Australian Securities and Investments Commission.

However, the court did not declare the companies carried on financial services without the appropriate licence, and did not grant ASIC injunctions to stop the companies or directors from promoting their activities on the internet.

ASIC investigated Secure Private Wealth and found it used cold calling and a website to "induce investors to deposit funds into the accounts of Secured Collateral, Diversified Collateral and Intra Management". "ASIC and state and territory police services continue to warn consumers to be alert to investment fraud having seen an increase in this activity over the last 12 months," the regulator said.

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